- Colina Holdings Bahamas Ltd (CHBL), the parent company of life and health insurance leader ColinaImperial, today reported increased profits for the first half of 2009, reflecting continued operational improvements and higher profitability in key business segments.
NASSAU, August 27, 2009 – CHBL reported total net income of $3.3 million for the period ending June 30, 2009, compared to $2.6 million in the same period in the prior year. Similarly, net income attributable to the Company’s ordinary shareholders grew to $2.3 million or $0.09 per ordinary share, compared to net income of $1.7 million or $0.07 per ordinary share for the same period in the prior year.
“The first half of 2009 yielded very satisfactory results for ColinaImperial,” said Executive Vice Chairman Emanuel Alexiou. “This year has presented both economic challenges and opportunities on a global scale but we were able to deliver a strong performance. We have confidence that we can meet our business objectives, fiscal responsibilities and community obligations during these challenging times. Additionally, to bring further focus to the Company’s strategies in the Life Division, the Board has appointed Lindon Nairn as Vice President, Life Division.”
Net policyholder benefits increased by $5.2 million to $50.3 million; however, this was offset by reductions in administrative expenses. The Company continues to reap the benefits of its focus on managing recurring administrative costs and has reduced general and administrative expenses for the period to $11.9 million, compared to $14.8 million for the same period in the prior year. This, in addition to improved medical loss ratios, were key factors in the continued improved profitability of the Health Division.
“The outlook for the remainder of 2009 will be strongly influenced by the progress of the global and local economy,” Alexiou continued. “With the modest performance of the local equity markets and residual effects from the US economy, net investment income yielded lower returns, decreasing to $10.9M for the 6 month period compared to $12.9 million in the prior year. Net investment income continues to be affected by depressed market conditions. However, those results were softened by a rather significant reduction in administrative expenses reflecting improvements in operational efficiencies. Our balance sheet continues to reflect high quality investments and invested assets remain a significant proportion of the asset base, comprising 85% of total assets.”
The Company’s balance sheet remains very strong with total assets of $464 million and total equity at $90.3 million.
ColinaImperial Reports Half-Year Results; Balance Sheet Remains Strong
NASSAU, August 27, 2009 – CHBL reported total net income of $3.3 million for the period ending June 30, 2009, compared to $2.6 million in the same period in the prior year. Similarly, net income attributable to the Company’s ordinary shareholders grew to $2.3 million or $0.09 per ordinary share, compared to net income of $1.7 million or $0.07 per ordinary share for the same period in the prior year.
“The first half of 2009 yielded very satisfactory results for ColinaImperial,” said Executive Vice Chairman Emanuel Alexiou. “This year has presented both economic challenges and opportunities on a global scale but we were able to deliver a strong performance. We have confidence that we can meet our business objectives, fiscal responsibilities and community obligations during these challenging times. Additionally, to bring further focus to the Company’s strategies in the Life Division, the Board has appointed Lindon Nairn as Vice President, Life Division.”
Net policyholder benefits increased by $5.2 million to $50.3 million; however, this was offset by reductions in administrative expenses. The Company continues to reap the benefits of its focus on managing recurring administrative costs and has reduced general and administrative expenses for the period to $11.9 million, compared to $14.8 million for the same period in the prior year. This, in addition to improved medical loss ratios, were key factors in the continued improved profitability of the Health Division.
“The outlook for the remainder of 2009 will be strongly influenced by the progress of the global and local economy,” Alexiou continued. “With the modest performance of the local equity markets and residual effects from the US economy, net investment income yielded lower returns, decreasing to $10.9M for the 6 month period compared to $12.9 million in the prior year. Net investment income continues to be affected by depressed market conditions. However, those results were softened by a rather significant reduction in administrative expenses reflecting improvements in operational efficiencies. Our balance sheet continues to reflect high quality investments and invested assets remain a significant proportion of the asset base, comprising 85% of total assets.”
The Company’s balance sheet remains very strong with total assets of $464 million and total equity at $90.3 million.